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TAF Issues Appraisals Activity Congressional Update

Jul 22, 2019
 
The Appraisal Foundation (TAF) issued an update on recent congressional activity regarding appraisals on Capitol Hill. The US House Financial Services Committee passed:
  • H.R. 2852, the Homebuyer Assistance Act of 2019, (Rep. Sherman) allows licensed appraisers to once again do appraisals for FHA
  • H.R. 3619, the Appraisal Fee Transparency Act of 2019, (Rep. Clay) re AMC fees,
  • Allows the ASC to revise the current fee structure if it feels it needs to be reset (currently $25 per appraiser on an AMC panel)
  • Allows the ASC to give grants to non-profits and institutions of higher education to help states comply with Title XI
  • Adds Trainees to the national registry
  • Splits the AMC fee from the fee paid the appraiser on the closing documents
  • Adds a representative of the VA to the Appraisal Subcommittee
Additional updates noted that Senator Thune and Senator Tester are working on similar proposals in the Senate.

Kelly Davids, Senior Vice President for The Appraisal Foundation, commented in the update saying, “We are very pleased these efforts are both bi-partisan and bi-cameral.”

Follow up questions may be directed to Ms. Davids at 202-624-3070.